Maize On NCDEX Settled Down By -0.49% At 1421

Maize on NCDEX settled down by -0.49% at 1421 tracking weakness in spot demand and overseas prices. Mexico's attempts to diversify its supplies of corn could threaten a crucial market for U.S. farmers who are increasingly dependent on exports to unload record stockpiles that are depressing prices. Mexico buys nearly all its corn imports from the United States - shipments that totaled 13.603 million tonnes in the year ending Aug. 31, 2016. The sales account for about 28 percent of total U.S. corn exports, according to the U.S. Department of Agriculture. The U.S. Commodity Futures Trading Commission's weekly Commitment of Traders report, released after the close of the market on Friday, showed speculators expanded their net long position in CBOT corn futures to nearly 81,000 contracts in the week to Feb. 14, their biggest net long since July.